There is a lot of information out there that is aimed at serving and assisting first-time homebuyers as they navigate their way into the real estate market. However, being a first-time home seller can also feel like an overwhelming and daunting task. With so much on the line, it’s important to be as prepared as possible before you list your home for sale. Here are some things to know as a first-time home seller that will help set you up for success:
Get your finances in order
The first step to successfully selling your home is to get your finances in order. This means reviewing your credit score, mortgage information and budget to see where you stand. If there are any discrepancies or problems with your credit score, now is the time to address them. Having a good financial standing will give potential buyers peace of mind and show that you’re serious about selling.
Choose the right realtor
Choosing the right realtor is crucial to success when it comes time to sell your home. They will essentially be acting on your behalf, marketing your property and dealing with buyers or their agents, so making sure they have your best interests at heart and are competent in the market is key.
Hire a stager
If your home is looking a little dated or needs some TLC, hiring a stager may be a good investment. They can help you maximize your home’s potential by making small changes and recommending furniture placements and paint colors that will appeal to buyers
Get your home in order
Just as you would when preparing to move into a new home, you’ll want to get your current home in order before putting it on the market. This means decluttering, depersonalizing and cleaning from top to bottom. Buyers will be looking for properties that are move-in ready, so taking the time to do some light renovations, organizing and cleaning will be well worth it in the long run.
Price it right
You may have an idea of how much you want or need to sell your home for, but it’s important to price it correctly from the start. Your realtor will be able to provide you with a comparative market analysis (CMA) that will help you determine a fair price point. Pricing your home too high or too low can be detrimental, so it’s important to get it right from the beginning.
Get familiar with the selling process
Before you list your home, it’s important to get familiar with the selling process. This includes understanding common real estate terms, knowing what paperwork will be involved and be prepared for potential issues that may arise.
Understand the market
When it comes time to sell, you’ll want to have a good understanding of the current real estate market. This includes being aware of trends, local market conditions and what buyers are looking for. Your realtor will be able to provide you with valuable insights, but doing your own research is also a good idea.
Be prepared to negotiate
Once you receive an offer on your home, be prepared to negotiate. There is usually some wiggle room when it comes to pricing and most buyers will expect a certain level of negotiation. Having an idea of what you’re willing to budge on and what your “bottom line” is will make the process much smoother.
Prepare for potential problems
While you hope for the best, it’s important to be prepared for potential problems that may arise when selling your home. Some common problems that sellers face include unknown home issues such as mold, foundation problems or plumbing issues. It’s important to be as proactive as possible and have a plan in place in case any unforeseen problems pop up.
However, it’s important to remember that you can’t put your hands in all kinds of home improvement projects. While some of them will complement your home aesthetics and make it more preferable to buyers, some of the others will act like a boomerang. So, you need to know the home improvement projects that might backfire, and refrain yourself from undertaking those projects.
The best thing one can do to set their sale up to be as profitable as possible is by enlisting the help of a real estate agent. While you will have to pay a commission percentage, having a professional who can guide you and work on your behalf will be something that will pay off! Selling your home can be a daunting task, especially if you’re a first-time seller. But by following these 10 tips, you can set yourself up for success and make the process much smoother. From getting your finances in order to understanding the market and being prepared to negotiate, following these tips will help ensure a successful sale.
